[1][2] The newspaper was established to oppose The Observer and promote the mercantile interests of British colonials.

[3][4] In 1858 the paper's owners Wilson, Ritchie & Co. sold it to John Capper, a former sub-editor of The Globe.

[7] John Capper left Ceylon 1884, leaving the management of the paper in the hands of his two sons.

[9] The state-run TOCL faced financial and labour problems and on 31 January 1985 it and its various publications closed down.

[9] Ranjith Wijewardena, chairman of ANCL before nationalisation, bought the trade names and library of the TOCL publications.